Notice of Default
If you've missed mortgage payments, chances are you're very aware of that fact, but the lender will let you know anyway with a Notice of Default. Sometimes called a Notice of Delinquency, this letter takes the form of a seriously worded reminder that payment is due, how far behind you are, and what actions are necessary to bring your account current. It cannot be emphasized enough that this is the time to be proactive. Get in touch with your lender and find out what options you have. Hiding from the bank is not a good idea. Communicating with them in good faith might stall or prevent the foreclosure process.
At this point, the lender has committed to eviction, though the process has not legally consummated. Some states require a Notice of Acceleration to be sent, which gives you 30 days to pay the entire mortgage balance in full or face imminent foreclosure. If you've already begun trying to sell
the house, this would be a good time to intensify that effort. A last ditch plea to work out a payment schedule with the lender might work, but likely will be fruitless unless you can prove that your financial situation has changed for the better and you can afford payments going forward.
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